You've worked hard your whole life and during your golden years its recommended to protect the money you have saved. Depending on your situation you could benefit from having an Annuity as part of your financial plan.
Different Types of Annuities
Just like they sound they have a fixed interest rate and are usually locked in for a certain number of years. These are very similarly setup like a CD would be at the bank but usually at better interest rate the compounds tax deferred.
These are great growth annuities where you can participate in some of the growth of the market but none of the down. These plans are designed to give you risk free growth at zero risk of market volatility.
Bonus annuities are usually fixed indexed annuities that have a bonus placed on the initial premium. These are great in certain situations but usually have lower interest credit rates but give you a bonus upfront.
These are great for taken a lump some of money and giving yourself a guaranteed income stream over time.